Common use of TRANSFER OF FUNDS BY CITY TO AUTHORITY Clause in Contracts

TRANSFER OF FUNDS BY CITY TO AUTHORITY. City agrees to transfer to Authority Three Million Dollars Forty One Thousand and Three Hundred and Two Dollars ($3,041,302) of HOME Funds (“Project Funds”) held by the City to enable the Authority to make the HOME Loan to the Developer for the Project subject to the award of Tax Credits and other conditions precedent set forth in the Letter Agreement, and subsequently as set forth in the Affordable Housing Agreement. Subject to negotiation, preparation, consideration and approval of the Affordable Housing Agreement and satisfaction of the conditions precedent therein, City shall make the Project Funds available to the Authority for the Project. Authority shall not disburse the Project Funds to the Developer until the Authority has confirmed that the Developer has satisfied all of the Conditions Precedent to the disbursement of the HOME Loan pursuant to Letter Agreement, and thereafter the Affordable Housing Agreement; provided that the Authority Executive Director may waive, defer or modify such Conditions Precedent in accordance with the authority granted by the City Council and Authority under the Letter Agreement.

TRANSFER OF FUNDS BY CITY TO AUTHORITY. City agrees to transfer to Authority Three Million Dollars Forty One Thousand and Three Hundred and Two Dollars ($3,041,302) 2,877,959 of HOME ARP Funds and $3,593,634 of HHAP program funds (“Project Funds”) held by the City to enable the Authority to make the HOME ARP Loan and HHAP Grant Assistance to the Developer for the Project subject to provided that all conditions precedent are satisfied including the award of Tax Credits and other conditions precedent set forth in the Letter Agreement, and subsequently as set forth in the Affordable Housing AgreementHomeKey grant. Subject to negotiation, preparation, consideration and approval of the Affordable Housing Agreement and satisfaction of the conditions precedent therein, City shall make the Project Funds available to the Authority for the Project. Authority shall not disburse the Project Funds to the Developer until the Authority has confirmed that the Developer has satisfied all of the Conditions Precedent to the disbursement of the HOME ARP Loan and HHAP Grant Assistance pursuant to Letter Agreement, and thereafter the Affordable Housing Agreement; provided that . Notwithstanding the foregoing, the Parties agree the Authority Executive Director may waive, defer or modify such Conditions Precedent in accordance with the authority granted by the City Council and Authority under the Letter Agreement.

TRANSFER OF FUNDS BY CITY TO AUTHORITY. City agrees to transfer to Authority Three Million Dollars Forty One Fifty Thousand and Three Hundred and Two Dollars ($3,041,3023,050,000) of HOME Funds (“Project Funds”) held by the City to enable the Authority to make the HOME Loan to the Developer for the Project subject to the award of Tax Credits and other conditions precedent set forth in the Letter Agreement, and subsequently as set forth in the Affordable Housing Agreement. Subject to negotiation, preparation, consideration and approval of the Affordable Housing Agreement and satisfaction of the conditions precedent therein, City shall make the Project Funds available to the Authority for the Project. Authority shall not disburse the Project Funds to the Developer until the Authority has confirmed that the Developer has satisfied all of the Conditions Precedent to the disbursement of the HOME Loan pursuant to Letter Agreement, and thereafter the Affordable Housing Agreement; provided that the Authority Executive Director may waive, defer or modify such Conditions Precedent in accordance with the authority granted by the City Council and Authority under the Letter Agreement.